Australian shares had a mixed day on higher-than-expected inflation figures, closing slightly lower.

The All Ordinaries Index closed down 7 points to 6,644 while the ASX 200 dropped 10 points to 6,624.

The ANZ Bank was among the biggest losers, dropping 3.7 percent to $27.05 after lower-than-expected profits, but the other big banks held their own. The National Australian Bank added 77 cents to $37.92 and the Commonwealth Bank closed up 76 cents at $53.71.

Weaker base metals prices saw shares in BHP Billiton drop 90 cents to $40.39 but Rio Tinto stayed relatively unchanged after its takeover of Alcan became official Thursday.

The Australian dollar continued to creep up against the greenback, buying 90.29 U.S. cents, 103 Japanese yen, 44 British pence and 63 euro cents.

Spot gold was trading at $763 an ounce and West Texas crude oil at $67.89 a barrel.  // Copyright 2007 by United Press International



Publication date: 26 October 2007   

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